Dell outbids HP with $1.6 billion offer for 3Par

Dell has secured a deal to acquire data storage company 3Par for $1.6 billion. Last week Dell offered the firm $1.13 billion, but the Round Rock computer maker got outbid by a $1.5 billion offer from HP.

Dell says its new offer of $24.30 a share has been accepted by 3Par, following a battle for the company with rival Hewlett Packard (HP).

The new agreement values 3Par at $1.6bn (£1bn), matching an earlier offer tabled by HP on Monday.

Dell said the deal would "dramatically accelerate" 3Par's revenue growth.